Top Ships Extends Charter Employment Contract at Higher Rates

Dow Jones07-25

By Michael Susin

Top Ships said part of its subsidiaries extended their time charter employment for seven-years at higher rates, which the company expects will deliver $100 million in revenue during the period.

The international owner and operator of vessels said on Thursday that its 50% subsidiaries which own M/T Eco Yosemite Park and M/T Eco Joshua Park agreed to start the extension on Aug. 1, at a gross daily hire rate of $19,500, a 12% increase from the current daily hire rate.

All other terms will remain the same, including the option of the charterers to extend each time charter for two additional years.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

July 25, 2024 09:58 ET (13:58 GMT)

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